Gold rises ahead of Federal reserve meeting

February gold futures rose 0.15% to $5,088.9 an ounce

Gold prices climbed on Tuesday ahead of the US Federal Reserve’s policy meeting later in the day, with a decision on interest rates expected to be announced on Wednesday.

February gold futures rose 0.15%, or $6.4, to $5,088.9 an ounce, while March silver futures fell 2.5% to $112.63 an ounce.

Spot gold increased 1.7% to $5,095.51 an ounce, and spot silver surged nearly 8.8% to $112.94 an ounce.

The US dollar index, which tracks the currency against a basket of six major currencies, was steady at 97.11 points as of 10:27 a.m. Mecca time.

Spot platinum gained 6% to $2,751.9 an ounce, while palladium rose about 3% to $2,019.94 an ounce.

Analysts expect the Fed to hold interest rates steady during its two-day meeting, amid an ongoing federal investigation involving Federal Reserve Chair Jerome Powell and continued efforts to remove Fed board member Lisa Cook.